Caitlin McCabe

That red line that you mentioned, Marcus, has serious consequences, right?

We're talking about a dispute with NATO powers over trade, military force, and the norms that underpin transatlantic cooperation.

Yeah, those economic ties run quite deep, Marcus.

Can you just lay out for us what a potential trade war between the U.S.

and Europe would look like?

Certainly lots to watch in the coming days, Marcus.

Thanks for the update.

Coming up, what does all this mean for financial markets?

We dive into that.

Plus, what time should you be waking up?

We look at the latest sleep science after the break.

The restart of the trade war with Europe would present a renewed test of whether the global economy and markets can handle more disruption.

This morning, stocks in Europe and Asia have sold off, and the prices for gold and silver have reached new highs.

And we'll get even more direction when U.S.

markets reopen after the holiday weekend.

That's Journal senior markets columnist James McIntosh, who says so far there could be a few reasons why investors are not putting a high probability on an extreme outcome between the U.S.

and Europe.

As James mentioned, investors will also be watching the U.S.

Supreme Court today, which is expected to hand down opinions around 10 a.m.

Eastern, including possibly on whether Trump's sweeping tariffs are in fact legal.